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The Offshore Funds Regulations 2004
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- UK Statutory Instruments
- 2004 No. 2572
- Regulation 7
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Modification of Schedule 26 to the Finance Act 2004: new classes of interest within existing main funds
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7.—(1) This regulation applies in relation to a main fund established on or before 22nd July 2004 and which has not made an election under paragraph 1(3) or paragraph 2(3) of Schedule 26 to the Finance Act 2004.
(2) Paragraph (3) applies to a class of interest within a main fund which—
(a)is regarded as a separate offshore fund by virtue of section 756C(1) of ICTA 1988; and
(b)is established after 22nd July 2004.
(3) In relation to a class of interest to which this paragraph applies, the repeals contained in paragraph 1(2) or 2(2) of Schedule 26 to the Finance Act 2004 (as the case requires) shall be disregarded, and accordingly—
(a)paragraph 3 of Schedule 10 to the Finance Act 1996, (assumptions to be made in relation to creditor relationships for the purposes of Schedule 27 to ICTA 1988), or
(b)paragraph 35 of Schedule 26 to the Finance Act 2002 (assumptions to be made for the purposes of the Schedule in relation to derivative contracts for those purposes),
(as the case requires) shall apply in relation to that class of interest as they would have applied but for those repeals.
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